POST UTME AAUA 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's departmental accounts for the year ended 31st December 2022 are as follows:
Department A:
Sales ₦100,000
Cost of Goods Sold ₦60,000
Profit ₦40,000
Department B:
Sales ₦80,000
Cost of Goods Sold ₦40,000
Profit ₦40,000
Calculate the total profit for the year.
Question 2
A company's trading account shows a profit of ₦50,000. The company's balance sheet shows a total assets of ₦500,000 and total liabilities of ₦200,000. What is the company's net worth?
Question 3
A company has the following bank reconciliation statement:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Bank | 10,000 | |
| 2 Jan | Equipment | | 8,000 |
| 3 Jan | Bank | | 2,000 |
What is the total amount of bank overdraft?
Question 4
A company uses the straight-line method to depreciate its assets. The cost of the asset is ₦120,000, and it is expected to last for 5 years. What is the annual depreciation?
Question 5
A manufacturing company produces two products, X and Y. The selling price of X is ₦500 per unit and the selling price of Y is ₦300 per unit. The company produces 200 units of X and 300 units of Y. If the total cost of production is ₦1,500,000, calculate the profit.
Question 6
A company has two departments: A and B. Department A has a budget of ₦100,000, and it has spent ₦80,000. Department B has a budget of ₦80,000, and it has spent ₦60,000. What is the total budget of the company?
Question 7
A company has the following ledger balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | |
| Equipment | | 8,000 |
| Bank | | 2,000 |
What is the total amount of assets?
Question 8
A company's balance sheet shows the following accounts: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦50,000. What is the company's total liabilities and equity?
Question 9
A company's assets are valued as follows:
Question 10
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | |
| Accounts Payable | | 8,000 |
| Sales | | 12,000 |
| Cost of Goods Sold | | 8,000 |
What is the total amount of cash received?
Question 11
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C. The cost of inventory A is ₦120,000, and it has a weightage of 30%. The cost of inventory B is ₦80,000, and it has a weightage of 40%. The cost of inventory C is ₦60,000, and it has a weightage of 30%. What is the total value of the inventory?
Question 12
A company has the following ledger balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | |
| Equipment | | 8,000 |
| Bank | | 2,000 |
What is the total amount of assets?
Question 13
A company's manufacturing account for the year ended 31st December 2022 is as follows:
Opening Stock ₦50,000
Purchases ₦150,000
Direct Labour ₦20,000
Overheads ₦30,000
Closing Stock ₦80,000
Calculate the cost of goods sold for the year.
Question 14
A company's public sector accounts for the year ended 31st December 2022 are as follows:
Receipts ₦200,000
Expenditure ₦150,000
Surplus ₦50,000
Calculate the percentage increase in receipts.
Question 15
A company's financial statements for the year ended December 31, 2022, are as follows:
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